Today I called my credit card company to find out why I did not get a statement this month. I had signed up for an electronic statement and it never showed up in my inbox. While I was on the line I realized they had upped my annual APR to 30.25%… What ??? I could not believe it. I have never heard of a rate that high. I immediately remembered that I made the payment 2 – 3 days late last month and they must be taking advantage of that mistake. When I asked the representative if that was true she said, “well yes, that and you were also a day late last November and your account is now under review.” What does that mean? I pay off my account every month in full. The interest rate is somewhat irrelevant but to jump my rate to 30.24 % without telling me… that was frustrating.
Okay so why am I telling you about my finances… 30.24% is credit card corruption, these are card crooks, no, they are credit card creeps… 30.24%??? Are they kidding???? I’m not a mathematician or a finance person but I know that if I had $10,000 balance at a 30.24 annual percentage rate, that is $3000. If I could only send in the minimum $200 payment, that means at the end of year I would’ve paid back $2400 of the of the $3000 interest charge. Falling behind by $600 a year. Basically, I would be a credit card prisoner and these the banks would have me for life. How many people are in this situation? It is probably the people that can least afford it that are paying this kind of interest rate. They are stuck. This is immoral, irresponsible, unethical and corrupt. This is the kind of stuff that starts revolutions. It is no better than giving cocaine to children, trapping them in a cycle of pain.
To be fair, consumers have not always been perfect either. So, I don’t to leave all the blame on the credit card companies, there is a balance here. Many people have walked away from their credit card payments leaving these banks holding the bag. Credit card fraud is ubiquitous, it happens all day everyday. There are people that make a good living stealing credit card numbers and taking advantage of the credit card companies. There has got to be accountability and trust of both sides. Stop cheating – do the right thing… both of you.
I canceled my credit card with Barclays/USAir today because of the way they treated me. I don’t suspect they will miss me much and it will be a hassle for me to switch to someone new, but that aggravation is the price of mistrust. I want to improve the quality of our lives and not waste time on stuff like this. That is why I’m am on the Trust Tour, that is why we need to change and that is why I need your help.
Anybody else know of a situation like this?
